#CryptoCorner; EU and Taiwan to Regulate, Market Rallies into the Weekend
#CryptoCorner; EU and
Taiwan to Regulate, Market Rallies into the Weekend
Point Roberts, WA, Delta BC – April 20, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
By Samuel Mowers at Investorideas.com
EU and Taiwan to Regulate, Market Rallies into the Weekend
The European Parliament voted yesterday to regulate
the cryptocurrency market according to a recent statement. The decision was made in an attempt to prevent cryptos from being used
in money laundering and the financing of terrorist activities. Part of the
policy’s aim is to reduce anonymity associated with cryptocurrency practices:
“The new
measures also address risks linked to prepaid cards and virtual currencies. In
a bid to end the anonymity associated with virtual currencies, virtual currency
exchange platforms and custodian wallet providers will, like banks, have to
apply customer due diligence controls, including customer verification
requirements.”
In similar
news, Taiwan is aiming to implement cryptocurrency regulation by November,
according to a story in Taiwan Central News
Agency. Roughly translated, the story indicates that much like the EU vote,
Taiwanese regulation is largely motivated by anti-money laundering (AML)
concerns:
“the chairman
of the Financial Supervision and Management Commission, Gu Lixiong and Qiu
Taisan, stated that the control of bitcoin and other virtual currencies is
mainly focused on the prevention of money laundering and the avoidance of
virtual currency as a tool for money laundering.”
Taiwan’s
Financial Supervisory Commission (FSC) “has asked banks to list the account of
the Bitcoin sales platform in banks as a “high-risk account.””
Going into the
weekend the crypto market has seen additional gains from yesterday with a total market cap of around
$372 billion USD at press time. It is possible that previous speculation about
a rally after U.S. tax day (April 17) was correct as all but one of the top 20
cryptoassets have seen gains in the last 24 hours. Bitcoin Cash (BCH), EOS and
Ripple (XRP) in particular have seen double-digit gains leaving Bitcoin (BTC)
with just 38 percent market dominance.
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